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On the eve of Lazard Freres’ global integration, Vice Chairman Steve Rattner has jumped ship — and taken a handful of high-profile bankers with him.

Rattner has set up Quadrangle Group, a new media and communications fund with big names such as Barry Diller on the advisory board and a minor figure from the Whitewater scandals as a partner.

Rattner, 47, was kicked upstairs at Lazard in June after handing over his operational responsibilities to William Loomis.

His departure was expected.

“It was always a question of ‘when’ — not ‘if,'” said one source familiar with the situation.

Within the next week or two, the prestigous investment bank is set to merge its London, Paris and New York operations.

Wall Street insiders also say Rattner — a big fund-raiser for the Democrats and a friend of Al Gore — would love to get the nod as Gore’s Treasury Secretary if the veep wins the election.

If Rattner gets an offer, he could get some good advice on the ways of Washington from Josh Steiner, a partner in the new fund.

Steiner, leaving his job as a managing director at Lazard’s global media group, was chief of staff for Treasury Secretary Lloyd Bensten in 1994. During the Whitewater probe, Steiner’s diary was subpoenaed by investigators.

One longtime associate said Rattner would relish a top job inside the Beltway.

“Steve’s close to Gore, and he and [wife] Maureen would be a perfect Washington couple,” the source said. “I think they would really like to be making a difference.”

In the meantime, Rattner is aiming to raise as much as $1 billion for Quadrangle, sources said.

Along with Diller, the investment fund has cellular pioneer Craig McCaw on its advisory board.

Also leaving Lazard with Rattner are Peter Ezersky, head of Lazard’s media group, and David Tanner, co-head of Lazard Capital Partners.